Monrovia — The Speaker of the House of Representatives, Cllr. Fonati Koffa, has called on Liberians in the diaspora to play a pivotal role in strengthening the country’s fragile economy.
Delivering the keynote address at the 50th Anniversary of the Union of Liberian Associations in the Americas (ULAA), Speaker Koffa stated that Liberia’s current challenge is no longer political, but economic.
“What Liberia needs today is for the diaspora to become a catalyst for economic growth. The challenge before us now is not political; it is economic. Our democracy, though not perfect, is in place. But for that democracy to truly thrive, we must lay the foundations for sustainable economic development. And this is where you, the diaspora, come in,” Speaker Koffa said.
He highlighted the significant contributions of Liberians abroad, noting that they remitted over $800 million last year, an amount representing nearly a quarter of Liberia’s GDP and surpassing the national budget. This, he said, is a clear testament to the economic potential of the diaspora.
Speaker Koffa: “Last year alone, Liberians living abroad sent home more than $800 million in remittances. That’s nearly a quarter of our national GDP, more than our national budget. It is a powerful testament to the diaspora’s economic potential. But I stand here to tell you that this is just the beginning. It is just the tip of the iceberg”.
He urged the diaspora community to expand their contributions beyond remittances, encouraging investments, business partnerships, and tourism, which could stimulate job creation and foster sustainable development in Liberia.
“Imagine a Liberia where diaspora-led investments fuel a booming tourism industry, showcasing our beautiful landscapes, beaches, and national parks to the world. Imagine a Liberia where your connections with international investors bring in foreign direct investment to develop our infrastructure, agriculture, and technology sectors. This is not a distant dream; it is within our reach,” he said.
“Imagine a Liberia where diaspora-led investments fuel a booming tourism industry, showcasing our beautiful landscapes, beaches, and national parks to the world. Imagine a Liberia where your connections with international investors bring in foreign direct investment to develop our infrastructure, agriculture, and technology sectors. Imagine a Liberia where the expertise and capital of the diaspora help to create a thriving private sector that provides opportunities for all Liberians, at home and abroad. This is not a distant dream. This is within our reach,” he remarked.
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Speaker Koffa also reminded Liberians abroad that they are not just contributors to the nation but builders of its future, and he called for a shift in mindset to embrace their critical role in Liberia’s economic transformation.
“No longer are you just the advocates for political change. You must now become the bridge between Liberia and global capital. You must now become the bridge between Liberia and global capital. You are the ones who can connect Liberia to the vast resources of goodwill, expertise, and financial investment that exist beyond our borders,” he added.
Acknowledging that such transformation will not happen overnight, the Speaker emphasized the need for a genuine partnership between the diaspora community and the national government. He expressed the government’s commitment to creating a conducive environment for investment and economic growth.
“For this partnership to succeed, necessary laws and procedures must be put in place to make doing business in Liberia easier and more transparent,” Speaker Koffa stressed.
He urged the diaspora to seize this pivotal moment, noting that Liberia stands at a crossroads with the opportunity to transition from dependence on aid and remittances to a future of economic independence and prosperity.
Reflecting on ULAA’s 50 years of service and dedication, Speaker Koffa encouraged the organization to look ahead and continue shaping Liberia’s future for the next 50 years.
